Motor vehicle insurance: Prices explode by 16 percent – ​​drivers in distress!

Motor vehicle insurance: Prices explode by 16 percent – ​​drivers in distress!

The costs for motor vehicle insurance have again risen significantly this year. According to current information from World Prices have increased by 16 percent compared to the previous year. This means that vehicle owners are currently paying an average of 50 percent higher contributions than in April 2022.

What is particularly noticeable is the increase in prices for fully comprehensive insurance, which has become 17 percent more expensive on average. Partial comprehensive insurance is also showing an unfavorable development for drivers with a price increase of 14 percent and liability insurance with an increase of 15 percent.

Background of the price increases

The sharp increase in the cost of spare parts and workshop repairs is the main reason for the current increases in insurance premiums. Many car insurers have suffered deficits in the past, but there are bright spots: the first providers are making profits again and are now using price adjustments to win new customers. Still, pricing is inconsistent; For some insurers, prices are rising more slowly than previously expected.

Additionally reported Verivox, that car insurance prices are increasing for the third year in a row. In October 2024, prices were on average 24 percent higher than the previous year, which shows the historical dynamics in the article.

Comparison options and savings potential

However, consumers have the opportunity to benefit from cheaper tariffs. Some cheap car insurance policies are currently up to 32 percent below the prices in the middle price segment. There is significant savings potential: the biggest savings are offered by partially comprehensive insurance, which can be 32 percent cheaper compared to other offers, followed by liability insurance at 31 percent and fully comprehensive insurance at 29 percent.

Aljoscha Ziller from Verivox states that further price increases are necessary to get back into the profit zone.
In collaboration with Professor Wolfgang Bischof from the Augsburg University of Technology, Verivox has created the motor vehicle insurance index, which is based on anonymized user calculations and already provides relevant insights for April 2022, 2024 and 2025.